independent directors?, page-38

I have just been given an advice:-
It would be wise to be aware that a trick used by (I think) Eric Watson et als, which could be termed “The Issue Squeeze”, could, if allowed in Australia, be used by Wah Nam.

This involves Wah Nam announcing a cash issue knowing that most shareholders other than themselves will not subscribe, thus enabling them to increase their control of BRM.

Don’t know what ASIC would think of such a move, or what they could do about it.